USDC Issuer Circle Gets Digital Token License in Singapore
Circle is a stablecoin project that is responsible for issuing USDC and it is backed by liquid fiat reserves. The project has achieved a new landmark recently by becoming an MPI-registered project.
MPI stands for Major Payment Institution license issued by the Monetary Authority of Singapore. The financial regulator has granted the license to Singapore Pte. Ltd. of Circle operating in Singapore.
The license allows Circle Singapore to extend more services. The firm has announced issuance of the digital payment token services. It is also working with border money transfers.
Additionally, Circle has also shared plans about money transferring services within the city-state jurisdiction. It is worth mentioning that Circle established its Singapore wing starting last month. The MPI certification was granted to the entity last year in November.
Jeremy Allaire, the co-founder of the stablecoin project who is also serving as the CEO has talked to media about the latest changes. He claimed that Singapore is an important market and a crucial part of the global expansion plan for Circle.
Meanwhile, Dante Disparte, the Chief Strategy Office of Circle has maintained that the MPI license is a sign of the continued expansion and commitment of Circle to become an international stablecoin project.
He also claimed that Singapore is on track to becoming the center of blockchain innovation and financial services in the world. He told the media that Circle aims to work with financial leaders and stakeholders on an international scale. Circle currently issues two stablecoins namely USDC and Euro Coin also known as EUROC.
USDC has become the second-largest stablecoin project in the world in terms of market cap. At present the global traction for USDC is only second to Tether or USDT stablecoin. Meanwhile, EUROC has a market cap of $52 million at press time.
Singapore is Becoming an International Hub for Crypto and Blockchain Innovation
Before Circle, only Crypto.com is the first entity that managed to acquire an MPI license in Singapore. The monetary authority of Singapore or MAS issued updated guidelines for stablecoin regulations last year. These regulations specified capital management and reserve requirements for the issuer of stablecoin projects.
At the same time, these guidelines also bar investors to stake crypto and earn interest. As per the report published by the Australian exchange around 22% of Singaporeans hold around 10% of cryptocurrencies in their investment portfolios.
The report has shown statistics concerning the increasing interest and demand for cryptocurrencies in the country for the current year. However, the report also indicated that the total number of crypto investors in the region shrank from 43% to 40% last year.
Meanwhile, the majority of crypto investors were found invested in more than one type of crypto variant. The statistics from this report also indicate that there is an increasing trend of shift towards crypto diversification with a 10% rise noticed this year.
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